If you aren't a Gundam Wing-nut, and don't know your Haro from your Tem Ray, here's the quatro uno uno on all things Gundam. In the near future, as Earth's population gets all billiony (10,000,000,000 to be exact,) the nations unite into the war.
To avoid a big blow up, the Gundam Fight is proposed as a peaceful way of deciding which nation will rule the world. In the story of G Gundam, every colony has only one suit and it reflects each homeland. The colony that produces the winning Gundam then becomes leader of the colonies... at least until the next tournament. It's kind of like a Gundam Miss Universe pageant with the talent competition replaced by fighting ability.
On the action figure front, Bandai's new G action figures their size and most supermodels. So go on, collect all the G Gundam Models and give 'em a chance to rule the world. At least for a day.